SoundCloud Saved By Emergency $169.5M Investment As CEO Ljung Steps Aside [OFFICIAL]
SoundCloud has closed a reported $169.5 million emergency in funding that allows the struggling streamer and audio hub to stay online. Co-founder Alex Ljung will leave his CEO role, but continue to serve as chairman,
Vimeo CEO Kerry Trainor will take over as CEO, Mike Weissman becomeS COO and SoundCloud co-founder and CTO Eric Wahlforss stay on as chief product officer.
New York’s Raine Group and Singapore’s Temasek are leading the new Series F funding round, as previously reported.
“Recently you heard me say SoundCloud isn’t going anywhere. And today I’m here to tell you the exact same thing once again. In all caps,” Ljung wrote to SoundCloud’s users. “I’m happy to announce that together with investors The Raine Group and Temasek we’ve just wrapped up the largest financing round in the history of SoundCloud. This financing means SoundCloud remains strong, independent and here to stay. As I said, we’re not going anywhere.”
But while Ljun is publically declaring that SoundCloud will remain independent, it is more likely that the goal for today’s investors is a turnaround that leads to a fairly quick sale.
Whatever the end game, SoundCloud and the millions of tracks stored there, are safe for now.